The Baltic Exchange provides an update on the Dry Bulk markets for Week 19. Information originally sourced from the Baltic Exchange.
Capesize
The Capesize market remained in negative territory throughout the short week, with limited signs of recovery across both basins. The BCI 5TC fell by US$3072 week-on-week, closing at US$14 169 on Friday. A trans-Atlantic voyage reported midweek featured a shorter duration but yielded a low time-charter equivalent value. Consequently, the C8 route settled at US$13 071, which was the primary reason for the losses in the North Atlantic region. In Brazil, there was increased activity for the end of May to early/mid-June laycans. However, the rates decreased day by day, leading the C3 route to close the week at US$18 215. Similarly, in the Pacific, miners consistently entered the market but fixed at softer rates, starting from US$7.90 and gradually moving to the mid US$7s.
Panamax
An active and busy week for the Panamax market culminated in steady gains made in the North Atlantic market. The Atlantic saw improved levels, specifically for grain runs ex NC South America, both for fronthaul and trans-Atlantic, as tonnage count shrank mid-week, with US$18 500 and US$19 000 concluded on index type tonnage delivery Gibraltar via NC South America redelivery Far East. From the South and for index dates, there was limited activity but rates inevitably grew softer as the week progressed. However, for end-May arrival window, 82 000 dwt type tonnage delivery aps load port averaged out around the US$16 500+US$650 000 mark. In Asia, it was a fragile week despite reasonable levels of demand, but without the attractive draw from South America, rates for all trips weakened as tonnage count overwhelmed any demand. Limited period demand, but did include late in the week reports of an 82 000 dwt delivery Philippines fixed basis 10/12 months at a rate in the low-mid US$12 000s.
Ultramax/Supramax
With widespread holidays at the beginning of the week, it was a rather positional affair, with the Atlantic seemingly remaining the better performing of the two basins from an owner’s perspective. The US Gulf and South Atlantic had slightly stronger demand and rates increased accordingly. A 63 000 dwt was heard fixed delivery US Gulf for a trans-Atlantic run at US$16 000. Whilst from the South Atlantic, an ultramax was rumoured fixed from EC South America for a trans-Atlantic run in the mid US$20 000s. The Continent-Mediterranean remained patchy, but a 56,000 dwt was heard fixed delivery Spain for a quick trip NC South America at US$10 000. The Indian Ocean saw stronger demand as vessels were sort from West Africa for trips via South Africa to the Far East. A 64 000 dwt fixing delivery Tema trip via South Africa redelivery China at US$16 000. Further north, a 66 000 dwt fixed from Umm Qasr to Chittagong at US$18 000. From Asia, demand again remained muted and most areas lost ground, including a 63 000 dwt fixing delivery Thailand for a sugar run to Indonesia at US$13,000, while a 63,000 dwt fixed delivery CJK trip via Australia redelivery Arabian Gulf at US$14 000. Period action was limited, although a 63 000 dwt open WC India was heard fixed for two years.
Handysize
This week, the market has shown a mixed performance across the regions, with the overall sentiment remaining flat. In the Continent and Mediterranean, market fundamentals remained generally soft with limited visible activity. In the South Atlantic, activity continued at a steady pace with tonnage counts remained stable and supported by some fresh demand, leading to a slight upward trend in rates. A 37 000 dwt was heard fixed delivery Recalada redelivery Mediterranean at US$17 000. In the US Gulf, sentiment was poor, with the tonnage count maintaining its length, which continued to put pressure on rates. A 35 000 dwt vessel was fixed at US$8000 for delivery SW Pass and redelivery UK-Continent at US$8000. The Asian market also remained flat, despite a gradual increase in tonnage, with some fresh demand helping to maintain current rates, with no significant changes in cargo volumes to drive rates higher. A 40 000 dwt delivery Hong Kong trip to redelivery Colombia with steels at US$12 000. Period activity was sporadic, but a 40 000 dwt fixed delivery worldwide June-July 2025 at 120.5% of BSHI for years trading.
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